Car Title Loans in Livonia, MI
Are you in the critical moment of your life right now? Do you need emergency cash? Well, honestly, it doesn’t really matter where you’ll use it…
There are SEVERAL lenders in Livonia, MI that offer fast car title loans. Here, we’ll teach you how to get one. We’ll also answer ALL your related questions. You’ll be cleared of doubt once you’ve been guided!
So what are you waiting for? Let’s dive in now!
What Do You Need to Know About Car Title Loans?
Car title loans (or auto title loans) are loans lenders provide you in exchange for pledging your vehicle title as collateral. You have to OWN at least one present vehicle to get an auto title loan.
Lenders will give you a certain amount of time to repay them. And you’re WELCOME to get another title loan right away once you’ve paid off your remaining balance in your previous loan application.
It’s an EXTRA easy way to get urgent cash, regardless of where you’ll spend it. We’ve provided everything you need to know to successfully acquire an auto title loan in Livonia, MI.
Requirements for Obtaining a Car Title Loan in Livonia, MI
To get auto title loans in Michigan state, you need to satisfy the following conditions and bring the following papers…
- 18 years and older
- Present a government-issued ID
- Carry proof of income (recent pay stubs or other proof of loan repayment ability)
- Show proof of residence (utility bills, lease, etc.)
- Get AT LEAST two valid references (with their phone numbers and addresses)
- Have insurance
- Prepare your credit (preferably with great scores)
- Possess an actual vehicle and spare keys (no year or mileage limit)
- Be aware that there could be a requirement for GPS tracker installation
- Own a car title
- An automobile that has your name registered on it
How to Apply for Car Title Loans: 7 Easy Steps
Here’s the process you’ll need to follow to obtain an auto title loan. But first, we’d like you to know that there are TWO ways to acquire one: online and personal application.
But generally, what you’d have to do are the following.
Step 1: Prepare Your Lien-Free Title
Since you’re in Michigan, you should already have a title within 15 days of your car purchase.
You can CHECK Michigan’s Department of Motor Vehicles website if you have a more complicated situation regarding vehicle ownership.
Step 2: Fill Up the Application Form Provided by Your Lender
This is fairly easy to do. Just make sure ALL information you write there is accurate regardless of where you’re applying — online or personal.
Step 3: Provide Other Necessary (and Additional) Requirements
This typically involves a photo ID, proof of income, insurance, and other important documents listed above.
Remember that some lenders in Livonia CHECK credit, and some not. So still, PREPARE YOUR CREDIT in case there’s a sudden credit check.
In cases of online applications, well, all you’ll need to do is upload them.
Step 4: Wait For the Lender to Review Your Application
The lenders will contact you afterward to verify your loan application.
There could also be an in-person appraisal. So be READY if they require you to present your automobile in front of an auto loan officer.
Step 5: Read the Contract and Sign Them
You’ll have to hand over the title in this step which they’ll HOLD onto until you’ve paid the loans. All you’ll need to do after is wait for the approval.
Step 6: Get the Loan
If approved, you’ll get your cash (finally!). It can also be directly wired to your bank account, depending on what you and the lender have agreed with.
Step 7: Pay
Then all you’ll need to do is pay your auto title loans until you’ve cleared off your balance. Get your title back as well as the spare keys (or get the GPS tracker removed if it’s installed).
How Much Can I Borrow With Car Title Loans?
The loan amount DEPENDS on the value of your vehicle.
Don’t worry though if your car or automobile doesn’t have a high value. You can also request more additional cash if you badly need to borrow a higher loan amount.
It really depends on what one business can offer.
Can I Get a Loan Even if I Have a Bad Credit?
Yes, it’s possible. Some lenders in Livonia, MI, don’t check credits.
But they’ll do a background check on you to ensure you have the ABILITY to repay the loan. Try to apply with good credit to avoid any problems throughout the procedure.
Does a Car Title Loan Affect My Credit Score?
Most of the time, no. Expect that this MIGHT get reported to the credit bureau UNLESS you’ve paid off your loan late or had some serious payment issues.
Though few companies report ALL loan installments — positive and negative. If you’re worried about this, make sure to inquire to your lender before you pledge your title.
How Long Do Loan Terms Last?
It depends on the lender, as some require you to make lump sum payments within 15 or 30 days of the loan approval.
But it can ALSO last up to several months.
What Vehicles Qualify For a Title Loan?
ANY vehicle can do —truck, motorcycle, etc.— as long as it’s lien-free.
Some lenders in Livonia, Michigan, don’t check the automobile’s mileage or age. But if they do, prepare any additional paperwork they might require you to present.
Where Can I Apply?
Several lenders offer COMPLETE online auto title loan business transactions in
There are other auto title loan lenders in Livonia that allow walk-in through storefronts for direct and easier communication with officers:
What to Remember…
Applying for auto title loans in the state of Michigan spell the best way to obtain finances QUICKLY. And the process is relatively simple to do as well.
But this can be quite risky, especially if you rushed in WITHOUT considering what you could get in return.
Remember that auto title loans can have INCREDIBLY high interest rates, regardless of the state.
It’s even WORSE for people who can’t pay within the loan terms — there would be a cycle of debt coming for them.
So before you get all excited with this convenient loan acquisition, RESEARCH EVERYTHING first!